Va irrrl loan comparison worksheet
VA IRRRL Cost Recoupment Worksheet
VA IRRRL Cost Recoupment Worksheet This worksheet is REQUIRED for all VA Interest Rate Reduction Refinance loans. File Name: Loan Number: MONTHS TO RECOUP The following calculates the total number of months to recoup all fees and charges financed as part of the loan or paid at closing.
[PDF File]VA IRRRL Loan Submission Checklist
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_____ VA IRRRL case assignment aka Prior Loan Validation via WEBLGY _____ Initial Veteran’s Statement a/k/a Comparison Letter dated within 3 days of loan application. _____ Lender Certification for payment increase dated within 3 days of loan application (only required if the new mortgage paymet is increasing by 20% or more).
[PDF File]VA IRRRLS (STANDARD and HIGH BALANCE PROGRAM)
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Loan Comparison Statement The veteran (and spouse, if applicable) must receive an initial Loan Comparison Statement within 3 days of the initial Loan ... Credit Qualifying VA IRRRL Applies if the monthly payment (PITI) increases by more 20% or more. Credit qualifying VA IRRRLs must meet all standard VA credit requirements per CMS guidelines.
[PDF File]Determining Recoupment Period for IRRRLs - Veterans Affairs
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Department of Veterans Affairs Exhibit B . ... amount when providing the loan comparison statement to the Veteran. An example is ... Since the monthly PI for recoupment purposes of the new IRRRL is $851.06, this loan would not meet the recoupment requirement. If, …
[PDF File]INTEREST RATE REDUCTION REFINANCING LOAN WORKSHEET
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INTEREST RATE REDUCTION REFINANCING LOAN WORKSHEET ... NOTE - Submit this form when requesting guaranty on an Interest Rate Reduction Refinancing Loan. 18. EXISTING VA LOAN BALANCE (PLUS COST OF ENERGY EFFICIENT IMPROVEMENTS) $ 2. 3. SUBTOTAL $ ADD % DISCOUNT BASED ON LINE 4.
[PDF File]Underwriting Guidelines— VA Interest Rate Reduction ...
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VA IRRRL LOAN UNDERWRITING VA IRRRL Definition An IRRRL is a VA-guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan, and with lower principal and interest payments than the existing VA loan. There is no minimum FICO requirement. INTEREST RATE AND PAYMENT CHANGES Interest ...
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